»“It’s the worst economic crisis since the 30’s” ,MarkGertler, New York University

2009:

»“I think [the crisis] is going to last a lot longerthan we have anticipated”–

AnneMulcahy,CEO Xerox Corp

2010:

»“After two years of crashing banking systemsand economic recession, the euro zone enters2010 with a full-blown debt crisis. TheEuropean Commission warns that publicfinances in half of the 16 euro-zone nations areat high risk of becoming unsustainable”–

WallStreet Journal

3

EuropeAid-

Dakar

Budapest,May

17th 2011

Building a new order (1)

»Wall Street Journal: three things areneeded to bring the deleveragingprocess to an end:

»Merriam-Webster defines “crisis” as “an unstable orcrucial time or state of affairs in which a decisivechange is impending. This definition implies thatduring times of uncertainty or instability,opportunities, i.e., moments of “decisive change,”may arise. In times of crisis, opportunities emerge,and creativity, innovation, and entrepreneurship areinspired.

»Supermarkets, laundromats, the car radio, thechocolate chip cookie, the electric dry razor, and theMonopoly game, were invented during the GreatDepression. (source: American Journal of P.E.).